Spot gold prices climbed to around $4,671 an ounce (31.1 grams), up 1.6 percent on Monday. Silver prices rose to $94.3 an ounce, up 4.7 percent.
This comes after US President Donald Trump over the weekend threatened eight European countries, including Sweden, with tariffs if the US is not allowed to buy Greenland, and the EU threatened strong countermeasures.
Several records have been set at the beginning of the year, after the price of gold rose around 70 percent last year.
The development of precious metals appears to be a result of a move away from US dollar assets and the potential inflationary effect of a trade war between the US and the EU, Peter Mallin-Jones, an analyst at British investment bank Peel Hunt, told the Bloomberg news agency.
